Standard and Poor’s increases rating of UniCredit Bulbank
International rating agency Standard and Poor’s has increased the short-term rating of UniCredit Bulbank to A-2. The long-term rating and the outlook were affirmed to BBB and stable by the analysts from the agency, the bank said on September 10 2012.
This means that the rating of UniCredit Bulbank is once again equal to that of Bulgaria just a few days after the change of the short-term rating of the country was announced on August 10 by Standard and Poor’s. This makes the rating of UniCredit Bulbank the highest possible at the moment, due to the limitation that the rating of a financial institution may not exceed the rating of the country it operates in.
In their special report on the increase of the rating of UniCredit Bulbank, the Standard and Poor’s analysts state that they evaluate the bank as one of the strategically important banks for the UniCredit Group. “This is why our evaluation of the bank is also based on the support that it could rely on from its shareholders. Due to this support the rating of the bank could be even higher”, the Standard and Poor’s report said, as quoted by the bank.
The stable outlook, the analysts say, is a reflection of the long-term rating and the outlook that the financial profile of UniCredit Bulbank will not change significantly in the next 12 months. According to the report, the outlook also reflects the Standard and Poor’s analysts’ opinion that the bank will retain its ability to generate capital and revenue.
The ratings of UniCredit Bulbank are also at the same level as the rating of the short-term bonds of the country in national and foreign currency.
(Photo: Vaughan Willis)